BREAKING: Inflation dipped in June to its slowest pace in more than 2 years, indicating price increases are cooling amid the Federal Reserve's rate-hiking regime.
on Wednesday. Economists had expected a 3.1% increase, according to FactSet. The increase was the smallest since March 2021, the Labor Department noted. On a monthly basis, inflation rose 0.2%.
Inflation has cooled since hitting its highest levels in four decades last year, partly in the face of higher interest rates engineered by the Federal Reserve, which have made it more expensive for consumers and businesses to borrow money.
Used-car prices, for example, have been falling, with costs dropping 5.2% in June. Automakers are finally producing more cars as supply shortages have abated. New-car prices, too, have begun to ease as a result. Many economists have suggested that President Joe Biden's stimulus package in March 2021 intensified the inflation surge. At the same time, though, inflation , even in countries where much less stimulus was put in place. Russia's invasion of Ukraine also triggered a spike in energy and food prices globally.
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